CITY OF SEATTLE
RESOLUTION __________________
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A RESOLUTION relating to the City Light Department; endorsing City Light's Wholesale Energy Risk Management Policy ("WERM Policy"), which governs wholesale energy, transmission, and ancillary services trading, including renewable energy credits and greenhouse gas offsets; establishing the WERM Policy as the guiding policy for managing risks related to wholesale energy, ancillary services, renewable energy credits, and greenhouse gas offsets within the City Light Department; and superseding Resolution 31616.
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WHEREAS, to economically provide electricity to its customers, the City Light Department ("City Light") routinely engages in the buying and selling of wholesale energy products; and
WHEREAS, City Light's participation in the wholesale energy markets inherently exposes it to various risks, including market and credit risks; and
WHEREAS, utility industry best practices mandate that City Light adhere to a clear and binding policy statement to effectively manage these risks; and
WHEREAS, these industry best practices further stipulate that such policies should receive approval from an independent governing body, such as City Council; and
WHEREAS, the periodic review and amendment of risk management policies are essential for good governance and oversight; and
WHEREAS, the Wholesale Energy Risk Management Policy was initially adopted by the City Council on September 8, 2008, by Resolution 31053; and
WHEREAS, the Environmental Attributes Management Policy was initially adopted by the City Council on June 7, 2010, by Resolution 31216; and
WHEREAS, the Wholesale Energy Risk Management Policy was updated by the City Council on August 9, 2010, with the passage of Resolution 31230; on May 14, 2012, with the passage of Resolution 31365; and on September 3, 2013, with the passage of Resolution 31467; and
WHEREAS, the Wholesale Energy Risk Management Policy was updated and the Environmental Attributes Management Poli...
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